“In a situation like this, it [a partial takeover] can’t be ruled out. It wouldn’t be an extraordinary example in the world or in Croatia for that matter,” Santini told BIRN.

“We can expect certain political consequences if such an important company partially comes into the hands of Russian state-owned banks,” he added.

Santini said Agrokor was too important a company for Croatia, the region – and for its creditors – to be allowed to go bankrupt.

“Sberbank is in direct communication with Agrokor, however, we cannot comment in detail on the relationships with our clients,” Sberbank told BIRN on Friday, when asked to comment on reports of the 300-million-euros loan to Agrokor.

The company's role in the economy of Croatia is massive, with revenues of 6.5 billion euros in 2015 – almost 16 per cent of Croatia's total GDP – and around 40,000 employees.

Agrokor employs another 20,000 people in neighbouring Bosnia and Serbia while it is believed that suppliers and companies for the Slovenian retailer Mercator – which it bought in 2014 – employ around 70,000 people in Slovenia as well.

The company's main problem is its accumulated debts. Borrowings at the end of 2016 stood at 3.4 billion euros while its total debt was estimated at some 6 billion euros, almost six or even seven times higher than its estimated total capital, which is put at slightly over 1 billion euros.

Premium Selection

After leading rebel fighters in Croatia and starring in his own TV show in Serbia, Dragan Vasiljkovic eventually lost his bitter struggle against extradition from his adopted homeland Australia and was convicted of war crimes.